Insurers have been hit with at least 2500 claims for damages since Tropical Cyclone Debbie struck the Queensland coast on Tuesday and are bracing for more.
The Insurance Council of Australia said more claims were likely to be lodged over coming days as policyholders returned to inspect their homes and businesses.
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PM's message to insurers
With the damage caused by Tropical Cyclone Debbie becoming clear, Malcolm Turnbull and Bill Shorten plead with insurers to not make life harder for those affected. Courtesy ABC News 24.
"It remains too early to get an accurate picture of the damage caused by Tropical Cyclone Debbie," ICA spokesman Campbell Fuller said on Thursday.
"Access for insurers to affected areas remains limited, though some insurers are using innovative methods to inspect damage, including the use of drones."
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Suncorp said it had so far received about 1200 claims for damages to businesses and homes. IAG, which owns NRMA and CGU brands, said it had received just under 200.
"We are working closely with authorities to help our customers as quickly as possible and we have mobilised our resources to support our customers and the broader community," IAG chief executive Peter Harmer said.
The ICA said insurers anticipated cyclones in north Queensland at this time of year and the risk of cyclones and floods was already priced into premiums for homes and businesses.
"Insurers make prudential arrangements to ensure they can meet their financial commitments to all affected policyholders when natural disasters occur, including purchasing reinsurance.
Insurers were also monitoring the impact of storms and heavy rain from south-east Queensland to Sydney as the weather pattern moved south, he said.
In the past decade, insurers have paid more than $3.6 billion in cyclone-related claims in Queensland, and more than $3.2 billion due to flood claims.